Eurasia Mining provides update on mining activities, shares jump

imageStock Markets6 hours ago (Sep 01, 2021 10:11)

© Reuters.

By Samuel Indyk – Eurasia Mining shares were trading higher on Wednesday morning after the company provided a progress update on various activities following yesterday’s increase in share price.

The AIM-listed company noted that the share price remains below the 26.5 pence price at which the $20 million private placement was completed in May 2021.

Eurasia Mining (LON:EUA) said significant developments have been made at their operating West Kytlim mine, the world’s largest alluvial platinum group metals (PGM) mine. 3 washing plants have been launched to production and several open pit areas are being stripped, including one at Kluchiki and two at Bolshaya Sosnovka, therefore single asset risk has been eliminated at West Kytlim.

The company added that electricity grid connection and electric dragline are on track to further reduce the mine’s carbon footprint, improve the ESG credentials, and reduce the cost of production that is already in the lowest quartile of the global PGM cost curve.

Separately, the company’s JV partner Rosgeo has recently confirmed that the process on the license for Nyud and Moroshkovoe open pit deposits is in an advanced state.

Block modelling an open pit optimisations have been completed for six out of nine Rosgeo JV projects that in total represent 104.6Moz of platinum equivalent resource.

Furthermore, the Monchetundra Definitive Feasibility Study (DFS) contracted to CKE and EMR, is in the final stages of development further to successful completion of geotechnical and other studies performed by Gipronickel, as well as an audit by Wardell Armstrong International.

“The Board members are encouraged that the DFS is advancing well for Monchetundra, while the CPR under the JORC Code is being finalised for our Rosgeo JV projects including Nyud and Moroshkovoe,” said Eurasia Mining CEO James Nieuwenhuys. “The work has been done well ahead of schedules stipulated by our license agreements. We are executing on Kola as we have done in the Urals, successfully delivering on our promises.”

At 10:07BST, shares in Eurasia Mining were trading higher by 27% at 23.54 pence per share.

Eurasia Mining provides update on mining activities, shares jump

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